It is not an easy job to find a perfect home for yourself among the plethora of choices for homes. To get it in the right place and then the most important part; the money. Yes indeed, the price is one of the major factors which one needs to take care of to own a home. Now let us work out on your options. Secured loans are the most popular ways to go for a residential property. When you go for purchasing a home you will have to pay for a certain amount called down payment because banks don’t pay the whole amount, they only pay for around 80%, and a maximum of up to 90% depending upon the price of your property.
Availing a Home Loan is not the simplest of tasks. It takes a lot of effort to get a loan approved from a lender. The prices are rising steeply. In such a scenario, how to get a low interest rates on Home Loan? The answer is in the following:
Home Loans at low interest rates
In both the cases of fixed rates and floating rates, a low interest rate will significantly help you in your savings in long term. A low Annual Percentage Rate (APR) also helps in lessening the burden of repayment.
Factors involved for a low interest rate
The first and the foremost factor is Credit Score. Higher the credit score, the more are the chances of lowering your interest rate.
The other factor is Tenure of the Loan. The longer is the tenure of your loan the lesser is your interest being charged by the banks or the lenders (it could be an NBFC too) for the interest and the principal.
To know more such as how the relationship between you and your lender works in your favor please read here:
How to Get A Home Loan With a Low Interest Rate
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.